Bank of Korea Cuts Interest Rates. Bank of Korea (BOK) has again cut its benchmark interest rate. As well as, to the lowest level since 1999 in order to save the country’s economy. Moreover, that has been erode by the coronavirus epidemic. Thursday (05/28), the BOK Policy Board decide. The benchmark interest rate would be cut 25 bps to 0.5%. This is a policy mix that is in line with the government’s move.